Long-term care planning includes avoiding some common pitfalls

Whether one resides in Texas or another state, there are some basic pitfalls to avoid when considering retirement and vital long-term care issues. For example, the cost of long-term care, including the costs of daily health care for an extended period, may run into the hundreds of thousands of dollars in expenses. If long\-term care planning means purchasing insurance for a few thousand dollars per year in preparation, it can constitute the dodging of a major financial bullet in one's later years.

Such planning can assure a much better quality of life in retirement because more options for the types of services one chooses may be expanded. In addition, one will enjoy peace of mind in the earlier retirement years knowing that a potential major obstacle is covered for the future. By smart money management now, the future does not have to hold unanswered questions that portend possible unwanted sacrifices in comfort and maximum independence.

With respect to basic retirement planning, one should not underestimate one's life expectancy. As far back as 25 years ago, planners estimated life expectancy at 83 years. It is now more reasonable and realistic to develop planning models based on life expectancy of 90 to 95 years.

Another pitfall to avoid is to underestimate the amount of expenses that are needed to survive in retirement, and that may be even more important to consider in certain premium retirement locations, such as exist in Texas. Because of longer life expectancies and better health prospects into old age, the expenses are substantially higher than in prior times. There are more choices for exciting options and all of this should be considered in developing a long-term care planning model.

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The law firm of Kolb & Murray, P.C., is located in Seguin, Texas, and serves clients in the communities of Schertz, New Braunfels, Cibolo, Canyon Lake, Floresville, Gonzales, Kingsbury, La Vernia, Live Oak, Lockhart, Luling, Marion, McQueeney, New Berlin, Nixon, Hallettsville, Columbus, Shiner, Yoakum, Flatonia, San Antonio, Selma, Stockdale, Universal City and Waelder, as well as in Guadalupe County, Comal County, Gonzales County, Caldwell County, Lavaca County and Wilson County and along the Interstate 10 corridor.